Reported 1 day ago
Michael Barr, the Federal Reserve's top banking regulator, announced his resignation effective February 28, 2025, as a potential conflict over his position with incoming President Trump loomed. Barr, an appointee under former President Biden, stated that his departure is meant to avoid distraction from the Fed's mission. Despite leaving his role as vice chair for supervision, he will continue serving on the Fed board of governors until 2032. This resignation coincides with discussions in Trump’s circle about potential changes to U.S. banking regulations, raising questions about the future of Barr's proposed capital rules that have faced opposition from the banking sector.
Source: YAHOO